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Development in the Insolvency Procedure in the Czech Republic

Author

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  • Libuše Svobodová

Abstract

Insolvency is in the Czech Republic daily problem of large numbers of people. In their midst there are debtors, creditors, bankruptcy trustees or insolvency courts employees. Numbers of insolvency proposals are rising mainly due to a higher number of individuals - non-entrepreneurs who are looking for a way to pay off their debts. The deterioration of the solvency occurred due to the economic crisis and due to low financial literacy. The bankruptcy is a very complicated process of correction. The moment the entrepreneur gets into financial trouble, which causes inability to meet its commitments and further pursue their goals, says he lost his solvency. Other businesses are protected against these companies by Act No. 186/2006 Coll., Bankruptcy and Settlement (the Insolvency Act). Entity law itself provides a means of resolving insolvency or impending insolvency. In this article we will focus on household debt, year on year comparison of proposals for insolvency proposals and the number of resolved cases from 1992 to 2012 on the site of administration of insolvency proposals and selected results of studies of Doing Business.

Suggested Citation

  • Libuše Svobodová, 2013. "Development in the Insolvency Procedure in the Czech Republic," Ekonomika a Management, Prague University of Economics and Business, vol. 2013(1), pages 44-55.
    • Handle: RePEc:prg:jnleam:v:2013:y:2013:i:1:id:188:p:44-55
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    Cited by:

    1. Michal Karas & Mária Režňáková, 2017. "The Potential of Dynamic Indicator in Development of the Bankruptcy Prediction Models: the Case of Construction Companies," Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, Mendel University Press, vol. 65(2), pages 641-652.

    More about this item

    Keywords

    insolvency; insolvence; Bankruptcy proposals; Debt Relief; Konkurzní návrh; Oddlužení;
    All these keywords.

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General

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